Get started
Fxprotrader

EURCAD Potential Buy Opportunity at Key Support Level

Long
Euro / Canadian Dollar (OANDA:EURCAD)  
Fxprotrader Updated   
OANDA:EURCAD   Euro / Canadian Dollar
EURCAD
33
2
eurcad
Price is moving into a rising channel where we see it heading towards the lower parallel, into a corective structure. In case we see it reaching the parallel we should start watching closer for a buy setup completion, aiming for the upper parallel.
Comment:
Still waiting for price to reach the lower parallel of the channel, we have a short term sell opportunity we may take. Price has developed a bearish flag and selling the breakout, aiming for the lower parallel is a nice idea:
snapshot
Comment:
The bearish flag worked great after the breakout with price reaching the lower parallel of the channel. We may start watching for a buy setup from now on as described at the initial post:
snapshot
Comment:
We catched the small move to the down and we now focus on our initial plan which is a buy setup. Price after reaching the lower parallel it bounced, moving up breaking above the upper parallel of the smaller descending channel. In case we see a correction above the broken trendline, most likely that we would be the setup we are looking for.
snapshot
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.